The Nigerian National Petroleum Company Limited paid ₦11.14 trillion into the Federation Account as statutory remittances between January and September 2026, even as its total revenue for the period fell sharply from the previous year.
NNPC generated ₦33.15 trillion in revenue in the first nine months of 2026 28.3% lower than the ₦46.26 trillion recorded in the same period of 2025, a shortfall of about ₦13.11 trillion. The figures are from the company’s September 2026 Monthly Operations and Financial Report.
September Offers a Lift, Not a Full Recovery
September was one of the stronger months of the year. Revenue rose to ₦4.61 trillion from about ₦3.74 trillion in August a month-on-month increase of roughly 23%. Profit after tax also improved, climbing 18.1% to ₦509 billion from ₦431 billion.
Monthly revenue through the year was uneven: relatively modest in the first quarter, a peak near ₦5 trillion in April, softer mid-year figures, then a recovery in August and September. September was the best month since April, but the late upturn was not enough to close the gap with 2025’s much stronger nine-month total.
Remittances to the Federation
Statutory payments to the Federation Account reached ₦11.14 trillion for January–September 2026. That was 17.4% higher than the ₦9.49 trillion reported for the first eight months of the year, with September adding about ₦1.65 trillion.
Compared with the same nine months of 2025, when remittances were about ₦11.56 trillion, the 2026 figure was roughly ₦417 billion, or 3.6%, lower. Statutory payments are separate from overall revenue and profit; they reflect what NNPC pays into the federation, not its full commercial earnings.
Context from 2025 Full-Year Results
The weaker 2026 revenue trend follows a difficult 2025 for top-line performance. Full-year 2025 revenue fell 24% to ₦34.5 trillion from ₦45.1 trillion in 2024. Profit after tax, however, rose 33% to ₦7.2 trillion, and earnings before interest, taxes, depreciation and amortisation increased 22% to ₦18 trillion.
Production Edges Higher in September
On the operational side, total hydrocarbon production rose slightly to **3.04 million** barrels of oil equivalent per day in September from **3.01 million** in August. Crude oil and condensate output stood at 1.70 million barrels per day. Natural gas production increased to 7,789 million standard cubic feet per day from 7,680 million.
What It Means
NNPC remains a major source of revenue for the Federation Account, with more than ₦11 trillion remitted in nine months. At the same time, the sharp year-on-year drop in company revenue underlines ongoing pressure on its earnings, even when monthly production and September profits improve. Governments at federal and state level that depend on federation inflows will be watching whether stronger months like September can be sustained and whether full-year 2026 can narrow the gap with the previous year.
